Business
Gogoro Releases Second Quarter 2023 Financial Results
TAIPEI, Taiwan, Aug. 10, 2023 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable
About this update from Gogoro Inc.
[{"type":"text","content":"TAIPEI, Taiwan, Aug. 10, 2023 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Summary\nRevenue of $87.2 million, down 3.8% year-over-year and up 0.2% on a constant currency basisBattery swapping service revenue of $33.3 million, up 9.6% year-over-year and up 14.2% on a constant currency basisGross margin of 15.2%, up from 14.0% in the same quarter last year. Non-IFRS gross margin of 16.0%, up 0.5% year-over-yearNet loss of $5.6 million, down from a net loss of $121.1 million in the same quarter last year primarily due to a one-time $178.8 million listing expense for the SPAC merger transaction last yearAdjusted EBITDA of $12.9 million, up from $9.3 million in the same quarter last year \"We continue to see strong interest across the region and around the world for sustainable two-wheel transportation and when evaluated by B2B and B2C sectors, Gogoro battery swapping solutions and vehicles are consistently being chosen. We are on track for market availability in India and the Philippines later this year. In India, we announced a strategic agreement, the first of its kind, with India's State of Maharashtra government to manufacture our Smartscooters, Smart batteries and GoStations in the state as well as to deploy the Gogoro battery swapping system across the state. As part of the agreement, the Maharashtra government is providing financial and other key incentives to ensure the agreement is executed successfully,\" said Horace Luke, chairman, founder and CEO of Gogoro. \"In the second quarter, we improved gross margin, operating expenses, and adjusted EBITDA. We also continued our growth in battery swapping service revenue and saw a slight increase in our overall revenue on a constant currency basis. Despite these positive results, our scooter sales in Taiwan were slightly below that of the same quarter last year. But we aren't standing still, we are aggressively investing in our marketing and retail channel expansion in Taiwan and we are continuing to build out our portfolio. We plan to introduce several vehicle models in the coming quarters that will expand our product family, increase sales and g...